A DAD-OF-THREE has bagged himself almost £1,000 free cash in a matter of months – and it took just minutes.
Pete Chatfield, 43, ended up in thousands of pounds of debt after moving from a £120,000 house in Deal, Kent, to one worth £250,000 in the same town, meaning mortgage payments went up.
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His wife Sharon, 43, also fell pregnant and couldn’t work as much, seeing their joint income drop off by around £1,100 a month.
But he decided to take action and started making extra money by filling out online surveys, taking up side hustles and switching banks.
Bank switches typically involve moving your current account from one bank to another for a cash incentive.
Pete has now cleared the debt, retired from his civil service job and runs the Household Money Saving blog where he offers tips to readers.
But he’s not stopped using the same tricks that helped him get his finances in order.
He’s made five bank switches in the last 19 months that have earned him almost £1,000 in free cash.
He switched to HSBC in November 2021 and received £200, then to Nationwide in December 2022, receiving a further £200.
In February this year, he switched again to Santander and got £200 and then again to Lloyds in March when he received £200.
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This month, he switched to TSB and had £125 transferred into the account.
If he makes five debit card transactions every month for the next six, he’ll get a £75 bonus on top at the end too.
Each switch took Pete just minutes as well.
He told The Sun: “It’s helped to make us sleep easier.
“It takes such little effort. While I’m waiting for the money to come in I can make extra money too.”
Instead of flittering the extra cash away, Pete plans to put it towards a trip to the FIFA football World Cup in North America in 2026 with Sharon and his three kids Cara, 14, George, 13, and Amy, 10.
“Whether I’ll get there or not I’m not sure, because it will cost a fortune,” he said.
“I’m putting it aside and hopefully I’ll have enough to. I’d like to go for a couple of weeks.
“The children will be older by that point so it could be the last holiday we have together. I’d like it to be the dream holiday.
“My kids would love the experience of it.”
Do your research and look out for extra perks
Pete has picked up a fair few tricks and tips for getting the best deal after switching so many times.
He advised doing your research, as on top of the free money, a lot of banks offer added freebies to entice you in.
For example, Lloyds offers free cinema tickets on top of its cash bonus and TSB customers get free cashback on certain purchases.
Meanwhile, Co-op Bank has a refer a friend switching incentive where you and a friend or family member both get £125 for free if they sign up to its standard current account.
Pete said: “Nearly all these accounts come with some kind of perk of sorts to try and keep you as a customer so it’s worth checking them out.”
But be wary of any fees incurred from holding a current account with a particular bank.
For example, you have to pay £3 a month to carry on using a Club Lloyds Account if you put in less than £2,000 a month.
Plus, you will often have to transfer a certain amount of cash into your new account within a certain timeframe to get the switching bonus.
How do I switch my current account?
You can switch current accounts in just a few steps via the Current Account Switching Service (CASS).
You just have to contact the new bank to apply for one of its accounts.
If you are accepted, they will offer to make the switch for you automatically and ask you to choose a date to do it.
Your old bank should then talk to your old one and everything will be switched across, including your balance, direct debits and salary.
After this you will receive your new cards, log-in details and any PINS.
What other banks are offering switching bonuses?
There are four banks currently offering switching bonuses: First Direct, NatWest, HSBC and Lloyds.
First Direct customers can get £175 free plus the potential for a £250 interest-free overdraft by signing up to a 1st Account.
Meanwhile, NatWest is offering a £200 bonus to anyone moving their current account across.
New HSBC customers can get £200 and Lloyds customers can get £150 for moving across.
Again, make sure you read the terms and conditions and take note of any extra freebies you might get as part of a switch, or any catches.
For example, customers switching to Lloyds Bank will get 12 months of Disney+ for free on top of the cash bonus.
But you have to pay a £3 monthly fee to maintain the account, unless you transfer £2,000 or more in each month.
Meanwhile, the First Direct 1st Account comes with a £250 interest-free overdraft facility, but is subject to your finances being in good order.
You also have to deposit £1,000 within three months of opening the account to get the £175 bonus and can’t do the switch if you have opened a HSBC current account on or after January 1, 2020.
One perk of switching to a NatWest current account is that there are no monthly fees to maintain the account.
Plus, it comes with a fraud refund promise, which means you’ll be refunded any money paid out of your account to a fraudster.
But, to get the £200 switch you have to deposit £1,250 into the account and log into the mobile banking app within 60 days.
HSBC’s switching bonus of £200 is transferred when you open a new HSBC Advance Account.
But to get the cash you have to start your switch, including at least two direct debits or standing orders, within 30 days and pay in £1,500 or more within the first 60 days of opening the account.
You also can’t have held a HSBC current account or opened a new first direct account since January 1, 2020.
Always remember to be wary of switching up your bank accounts repeatedly – opening up a new account should only lower your credit score temporarily, but if you do it too often it won’t have time to go back to what it was before.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
